TranSact has obtained additional payment licenses in six states in the United States... expanding the foundation for the legalization of stablecoins.

The stablecoin payment company Transak is expanding its business by obtaining additional licenses in the United States. In light of the varying cryptocurrency regulatory frameworks across different states in the U.S., Transak announced that it has acquired new “money transmission licenses” in six states: Iowa, Kansas, Michigan, South Carolina, Vermont, and Pennsylvania.

As of now, the states where Transak holds a license have expanded to a total of 11 regions, including Arkansas, Delaware, Illinois, and Missouri. MTL means that under state government regulation, it is legally permissible to execute customer fund transfers, payment intermediation, and fiat to Crypto Assets exchange services. With this license, Transak has obtained a legal basis to transact directly with users without the need for an intermediary platform.

Brian Keen, the Head of Regulatory Compliance for Transak in the Americas, stated: “Every new license we obtain brings us one step closer to a future where users can freely use fiat and digital assets in a clear and legal manner.”

This expansion of licenses is seen as an important step to overcoming the biggest challenge faced by cryptocurrency payment companies in the United States – “regulatory fragmentation.” In the absence of unified federal regulation in the U.S., there are differences in cryptocurrency legal standards across states, and companies must obtain approval from state governments one by one in order to provide nationwide services.

Transak seizes this opportunity not only to strengthen the payment infrastructure in the United States but also to enhance the credibility of services based on stablecoin. The MTL license lays the institutional foundation for users to use stablecoins pegged to the US dollar more safely and legally.